Is it ok to have a Mortgaged House in Hyderabad?

There are many people who think home loans are of immense burden and banks actually rob us by adding excess interest rates. But this idea is just an assumption made by us due to a lack of insight into complete information. As a result, they are afraid of the interest rates and don’t buy their own flat and miss the luxurious fun of owning a house. Finally, they get ready to own the many disadvantages of a rental house and leave behind the comfort and peace of owning a house. By the end of this article, you will be enlightened with the real effects of owning a house. Let us go through the disadvantages of the rental house.

When we rent a house, we choose the areas that are near to our work location and with low rent. In Hyderabad, the average house rent for a single bedroom flat in 2019 is 9000/- per month. In 2018 it was 6000/-. There is a very rapid increase in house rent. For a double bedroom flat, it is 15000/- per month. This is the amount that is paid for a single month stay. We can consider this amount as an investment in the past or present. In the coming month, you will again have to pay the rent for your stay. It is just like to stay in a hotel. The only difference is in a hotel you pay the amount on a daily basis where they provide the basic furniture and in a rented house we pay on a monthly basis where we have our own things.

Apart from the above-mentioned circumstance,  we should definitely consider the rules and regulations that are imposed by the owner. We are even restricted to the number of relatives that we can invite every month due to water usage. The owner never takes responsibility when we are facing an issue. The issues may be lack of water for regular use, sudden leakage of pipes or damage of the doors etc. Often we are charged for any repairs in the house by the owner as they completely make us responsible for every damage. And one more thing that we face is an irrelevant and pointless increase in the rent.

One more most ignored disadvantage of a rental house is a frequent change in the house due to bearable discomforts. When we suddenly have a change in job location, we feel like shifting our house to the nearest location. We don’t even care about the hassle that we have to face while shifting. And we have to pay thousands of rupees for the packers and movers and every time we shift packers and movers break something or the other. This is how we think – “It is better to face the hassle for three days by shifting the house rather than facing the risk of travelling to far away place every day”. Then how about we think in a similar way while choosing between a rental house and a mortgaged house. Rather than choosing a rental house for current satisfaction how about we look after the long term benefits and go for premium apartments in Hyderabad even if it is by taking a loan. Having a mortgaged house and paying the monthly EMI is like investing in the future. Someday in the near future, we get to own a house and the investment of our hard earned money will be paid off. Thus, invest in the future but not in your past by browsing apartments for sale in kukatpally right now.

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